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paying down our deficit. it is kicking the can down the road and frankly, we are out of road. >> you would think that those people would all be pushing to take credit for our incredible deficit reduxz celebraction cel that there would be press conferences. but no, there was nothing. what makes that nothing this week so very ironic is that not only did republicans essentially ignore the cbo report but they chose to spend the time they should have been out celebrating our lowest predicted deficits since 2008 trying once again to repeal obama care. they voted for the 37th time to repeal obama care despite the fact that there is good reason to believe that obama care is to credit for much of the remarkable deficit reduction projected this week by the cbo. the deficit reduction republicans used to hold up as their entire reason for being. because the biggest driver of our long term deficits is rising health care costs and -- get this -- between 2009 and 2011, total health spending grew at the lowest annual pace in
paying down our deficit. it is kicking the can down the road and frankly, we are out of road. >> you would think that those people would all be pushing to take credit for our incredible deficit reduxz celebraction cel that there would be press conferences. but no, there was nothing. what makes that nothing this week so very ironic is that not only did republicans essentially ignore the cbo report but they chose to spend the time they should have been out celebrating our lowest predicted...
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May 15, 2013
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the history of deficit is they tend to understate it. if you forecast it up three, up three, up three, then if you jack your forecast down to minus one then you look like a total goon. what the cbo will say is up three, up three, up three, they tend to understate their revisions, what we saw yesterday was probably about half of the revision that they really would've made if they went all in and did the fully rational forecast. probably throughout the rest of the year, you're going to see bigger reductions in the deficits about three months from now. and that's going to have a good effect on markets, it's going to help the fed have some space to ease up on quantitative easing and so on. >> do you share robert's concerns about the impact of the sequester and second half of the year? >> no, i do not. we're losing about 1.5% of gdp growth. about 1% is the tax hike at the end of the year and half of that is the sequester. so far, we've overpowered that with the wealth effect and the absence of the hippopotamus, and i think that'll continue. >
the history of deficit is they tend to understate it. if you forecast it up three, up three, up three, then if you jack your forecast down to minus one then you look like a total goon. what the cbo will say is up three, up three, up three, they tend to understate their revisions, what we saw yesterday was probably about half of the revision that they really would've made if they went all in and did the fully rational forecast. probably throughout the rest of the year, you're going to see bigger...
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May 16, 2013
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they want to see the deficit come down. a new report shows that the deficit has shrunk by $800 billion since president obama took office. that's the fastest deficit reduction we've had since world war ii. the last one, $200 million despite all of the deficit shrinking. the gop is still refusing to roll back the automatic budget cuts, some of which dana just referred to. here's some local tv reports on how those cuts are hurting real people on the ground. look at this. >> cuts to the department of housing and urban development have left thousands of low income families struggling to get a place to live. >> getting kids like clamari in to head start is going to be more difficult. because of budget cuts, places like this are taking less kids the next school year. >> thousands of meals may be cut. the director says it comes at a time when donations are already down. >> it's real stuff, congresswoman. >> that's right. and it's really staggering. i've been out in my district where we have worker who is are facing furloughs, we ha
they want to see the deficit come down. a new report shows that the deficit has shrunk by $800 billion since president obama took office. that's the fastest deficit reduction we've had since world war ii. the last one, $200 million despite all of the deficit shrinking. the gop is still refusing to roll back the automatic budget cuts, some of which dana just referred to. here's some local tv reports on how those cuts are hurting real people on the ground. look at this. >> cuts to the...
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May 14, 2013
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austerity cut the public role, that does nothing except hurt the deficit. if you want to reduce the deficit, the best thing you can do is invest in education. the education of american people brings more money to the treasury than anything you name, whether it's early childhood k-12, higher ed, lifetime learning, and to cut education is to increase the deficit. so thank you for posing that question. >> congresswoman, really great pleasure to have you here. thank you so much. >> thank you very much. my pleasure, good luck to you and congratulations. >> thanks again to democratic house leader nancy pelosi for joining me earlier today. that's all in for this evening the rachel maddow show starts now. >> congratulations on that interview. that was riveting. >> thanks. >> thanks to you at home, as well, for staying with us for the next hour. on one of those news days where a lot of very big news broke only to be stepped on by the next big thing breaking a few minutes later. today, for example, a man was into custody in detroit after a pressure cooker was found i
austerity cut the public role, that does nothing except hurt the deficit. if you want to reduce the deficit, the best thing you can do is invest in education. the education of american people brings more money to the treasury than anything you name, whether it's early childhood k-12, higher ed, lifetime learning, and to cut education is to increase the deficit. so thank you for posing that question. >> congresswoman, really great pleasure to have you here. thank you so much. >>...
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he inherited a city with $300,000 budget deficit. the state's appointed emergency financial manager warned that the deficit could $386 million by jewel 1st. >>> in new jersey the role other coaster at seaside heights is being demolished. it was a symbol of the pamage that superstorm sandy inflicted on the east coast. those are your headlines. i'm patti ann browne. back to you. ashley: patti ann, we thank you so much. get back to the markets. call it a case of the tuesdays. the dow less than two hours from extending the win he can street of 18 straight tuesday as the market is on track to finish in record territory yet again. joining me, above pavlick, from banyon partners with his take what he is watching to drive the market higher. bob, thank you so much for joining us. so you say, look there's lots more room to the upside. i don't say that you say a lot of room but there is room to the upside. what is driving the markets right now? we've gone through earnings. the economic date at thaa is so so. by all economic accounts we're drift
he inherited a city with $300,000 budget deficit. the state's appointed emergency financial manager warned that the deficit could $386 million by jewel 1st. >>> in new jersey the role other coaster at seaside heights is being demolished. it was a symbol of the pamage that superstorm sandy inflicted on the east coast. those are your headlines. i'm patti ann browne. back to you. ashley: patti ann, we thank you so much. get back to the markets. call it a case of the tuesdays. the dow less...
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the cbo expects a deficit for the 2013 fiscal year. it's more than $200 billion lower than the previous estimate just three months ago. the adjustment reflects new revenue, thanks from changes in tax laws and increase in payments from fannie mae and freddie mac. the cbo's current projection would mark the lowest deficit yet under president obama. >>> another u.s. service member assigned to a military sexual assault program under investigation for sexual misconduct. the pentagon says a u.s. army sergeant could face charges for solicitation abusive sexual contact, assault and treatment of subordinate. the soldier allegedly forced one subordinate soldier into prostitution and physically assaulted two others. the report comes a week after an air force lieutenant colonel working in the sexual assault prevention office was arrested and accused of sexual battery. >>> a day after being convicted for some of the worst crimes you can imagine, dr. kermit gosnell has avoided life in prison. he was found guilty of the deaths of three babies at his
the cbo expects a deficit for the 2013 fiscal year. it's more than $200 billion lower than the previous estimate just three months ago. the adjustment reflects new revenue, thanks from changes in tax laws and increase in payments from fannie mae and freddie mac. the cbo's current projection would mark the lowest deficit yet under president obama. >>> another u.s. service member assigned to a military sexual assault program under investigation for sexual misconduct. the pentagon says a...
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paul ryan was their deficit guy, and that deficit argument, that the deficit was too big, one of their main arguments against re-elected president obama. >>> we have just received the new estimate of what the deficit is going to be by the end of this year. this is what the deficit had been up through last year, so 2009. that's president obama's first year, 2010, 2011, 2012. now show the next year. this is what they had projected the deficit would be by the end of this year. but now that estimate has been revised. they have revised the projected deficit for this year, and as of now, this is what the new deficit -- we have that slide whistle. we have never used it before. are you kidding me? the opportunity cost. anyway. as of now, this is what the new estimate of what the deficit will be by the end of this year. as you can see, this means that the deficit has shrunk by about $800 billion. since president obama has been in office. this is the fastest deficit reduction we have had as a country since world war ii. and honestly, that's kind of terrible. it's kind of terrible to the extent t
paul ryan was their deficit guy, and that deficit argument, that the deficit was too big, one of their main arguments against re-elected president obama. >>> we have just received the new estimate of what the deficit is going to be by the end of this year. this is what the deficit had been up through last year, so 2009. that's president obama's first year, 2010, 2011, 2012. now show the next year. this is what they had projected the deficit would be by the end of this year. but now...
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May 14, 2013
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deficit. it's now $200 billion smaller than it was estimated just in february, $642 billion is the projection for the current fiscal year. that's 4% of gross domestic product, which is less than half in both dollar terms and percentage of gdp than it was in 2009, the first year of president obama's presidency. this shows that because of better than expected revenue, slower than expected growth in spending, in part because health care costs are slowing, the deficit is going to fall to 2.1% of gdp in 2015. so, we've had a lot of concern that we've discussed for years about the size of the u.s. deficit. it is now coming down pretty rapidly, bill. >> you know, it's symptomatic of our new normal here. we consider $3 gasoline cheap and we think $642 billion deficit is low. >> but as a percentage -- >> you know what i'm saying. >> yes, i do. but the historical standard -- >> john, does that mean that the gdp is expected to shrink -- >> what's that? >> when we talk about these percentages as a functio
deficit. it's now $200 billion smaller than it was estimated just in february, $642 billion is the projection for the current fiscal year. that's 4% of gross domestic product, which is less than half in both dollar terms and percentage of gdp than it was in 2009, the first year of president obama's presidency. this shows that because of better than expected revenue, slower than expected growth in spending, in part because health care costs are slowing, the deficit is going to fall to 2.1% of...
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the deficits are falling. they're not $1 trillion, the cbo just revised it down, it's going to go under 3% of gdp by 2015. energy, manufacturing, auto manufacturing, real estate, all of these things are coming back. and the fiscal balance in the u.s. are improving. and we're not having crisis overseas. >> ron, the point being, if harry looks at this rally and sees it as an increasing reason to be worried because it's not built on fundamentals, your reaction is that, yes, it is. >> i think there are too many harries o out there. a whole host of others who keep looking for armageddon just adds more fuel to the bullish case, that there are very few people invested in this rally. this is one of the most hated rallies in my professional lifetime, if not in market history, where it's all been driven by professionals. pensions are underinvested, individuals are underinvested. this thing could go for quite some time. and i think the economic outlook is far rosier than harry would suggest. >> the fundamentals are getti
the deficits are falling. they're not $1 trillion, the cbo just revised it down, it's going to go under 3% of gdp by 2015. energy, manufacturing, auto manufacturing, real estate, all of these things are coming back. and the fiscal balance in the u.s. are improving. and we're not having crisis overseas. >> ron, the point being, if harry looks at this rally and sees it as an increasing reason to be worried because it's not built on fundamentals, your reaction is that, yes, it is. >> i...
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the board of education approved the deficit elimination plan, and really, chris, i want to thank you and other folks who brought attention to this. it was putting a great big light on this problem that, i think, caused the reverse, of course. and the good news is these kids will be able to finish their school year, and i'm just really happy about that. >> what have we learned about michigan governor rick snyder in this, the fact he seemed willing, the state government seemed willing, to let these kids not be in school and not turn over any money and not find some way initially for a bridge loan or something. what does that say to you about the governor? >> first of all, i want to thank them for doing the right thing, even though it took some time. i'm not really anxious to point fingers. i think what it does show is we have huge inequities in this country and in michigan and lots of other places, and we need to correct those inequities. for every buena vista that had to close, there are hundreds of schools that are functioning barely at the sustainable level and getting marginal educ
the board of education approved the deficit elimination plan, and really, chris, i want to thank you and other folks who brought attention to this. it was putting a great big light on this problem that, i think, caused the reverse, of course. and the good news is these kids will be able to finish their school year, and i'm just really happy about that. >> what have we learned about michigan governor rick snyder in this, the fact he seemed willing, the state government seemed willing, to...
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because doing that will worsen the deficit and debt problem. how do you get more money into the economy without increasing the debt? this is a mechanism that allows you to do that. >> explain mechanism. >> congress has a qe policy where they print money. they use it to buy bonds from banksment the only way it can get into the economy if banks lend it. borrowers are not able to borrow because of stricter lending standards. so it has a link. we all agree on that. so how do you get money into the economy directly? bypass the credit channel. you have to get the money directly into the economy. the most direct way of doing that is basically to fund it and allow the treasury to disburse it. you would say that's ridiculous. you're giving congress free money? the idea is they would come up with good initiatives, tax cuts or productive investments. >> but i think that's a big either/or. fisher's point was he would like to see congress do things. not necessarily spend more, though. what he would like to see, if you can change the tax policy, great. >> we
because doing that will worsen the deficit and debt problem. how do you get more money into the economy without increasing the debt? this is a mechanism that allows you to do that. >> explain mechanism. >> congress has a qe policy where they print money. they use it to buy bonds from banksment the only way it can get into the economy if banks lend it. borrowers are not able to borrow because of stricter lending standards. so it has a link. we all agree on that. so how do you get...
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that is the deficit problem. without entitlement reform there is no amount of growth that will fix it. melissa: christian, isn't this all noise and nonsense until we fix that problem? >> well, not exactly because, you know, when you have an economy that's suffering from high unemployment andd3 stagnating wages you're not at your full productive capacity. once you reach that level as we've seen in the last few months, once you increase revenues whether it comes from tax increases or improved economic conditions, you drastically and very quickly lower your debt position and your deficit position. that should be the first order of business. that is really what we do first before we figure out what is our true remaining structural long-term deficit. melissa: okay, but doug, you're a numbers guy. let's do thisatively, rather than with our emotions. can the economy quantitatively grow enough to deal with paying for our promises for the entitlements and the system that we have laid out? >> no. at the heart of this are p
that is the deficit problem. without entitlement reform there is no amount of growth that will fix it. melissa: christian, isn't this all noise and nonsense until we fix that problem? >> well, not exactly because, you know, when you have an economy that's suffering from high unemployment andd3 stagnating wages you're not at your full productive capacity. once you reach that level as we've seen in the last few months, once you increase revenues whether it comes from tax increases or...
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. >> we continue to see reports on the deficit actually getting worse. you know, there was some conflicting reports that actually things looked like they were better. last december you said, and i'm going to quote, hold your nose, end quote. raise taxes on the two top income brackets in return for tax reform and entitlement reforps. we still don't have agreement for any reforms. are you still willing to hold your nose? >> we've already given the tax increase. i mean, that's tone. i wish that the republicans and the congress had said the only way you're going to get your tax increase, mr. president, is if we get these entitlement reforms. but our guys weren't willing to say they would vote for tax increases even in return. so that's behind us. but we still need tax reform in the united states. we can cut rates and increase revenue by doing it right. it'll also be good for the economy. we need the economic growth. finally, entitlement reform, 60% of the budget is entitlements. i mean, you can't get control of spending in the united states without getting c
. >> we continue to see reports on the deficit actually getting worse. you know, there was some conflicting reports that actually things looked like they were better. last december you said, and i'm going to quote, hold your nose, end quote. raise taxes on the two top income brackets in return for tax reform and entitlement reforps. we still don't have agreement for any reforms. are you still willing to hold your nose? >> we've already given the tax increase. i mean, that's tone. i...
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deficit's coming down. but stocks can't go up forever. >> no. what i'm seeing is that we're not seeing the inflows into stock funds and mutual funds is starting to get smaller and smaller. without new money into the market, i'm sorry. everyone loves this rotational theory about people rotating into new groups. >> right. >> i don't buy that. that's just money being moved around. you need new money to make the market go up. i think we're starting to see it dry up a little bit at this juncture. that's not permanent. i do think we're fwoing to see a little bit of a dryup right here. >> thank you, peter costa. always good to see you. going out about the mid-point of the range. 22 points on the dow jones industrial. stay tuned in the second hour. maria has exclusively the president of blackrock, rob kapito. stay tuned. retail earnings tomorrow. could set the tone for tuesday that traditionally in 2013 has been higher. second hour of the "closing bell" with maria is coming up right now. i'll see you tomorrow. >>> and it is 4:00 on wall street. do you k
deficit's coming down. but stocks can't go up forever. >> no. what i'm seeing is that we're not seeing the inflows into stock funds and mutual funds is starting to get smaller and smaller. without new money into the market, i'm sorry. everyone loves this rotational theory about people rotating into new groups. >> right. >> i don't buy that. that's just money being moved around. you need new money to make the market go up. i think we're starting to see it dry up a little bit at...
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the smallest deficit sense 2008 which is five years ago. the deficit had been topping $1 trillion every year cynic the recession ended four years ago. they credit the economic recovery, new tax rules and spending cuts with shrinking the deficit. we'll be right back. >>> welcome back to "hardball." may seem hard to believe that you're not experiencing deja vu here, but it happened again now, a military serviceman whose job it is to protect against sexual assault has excused himself of sexual assault. latest case involves a ft. hood sergeant. you won't believe this, i couldn't believe it, into prostitution and for sexually assaulting this guy did apparently charged with two others. the army's not releasing his identity as he has not been charged officially, but get a load of his job title, sexual harassment response and coordinator. that's right, the guy you're supposed to go to for help is accused of sexually assaulting someone. this comes just one week after the man in charge of sexual assault from the entire air force was charged with sexu
the smallest deficit sense 2008 which is five years ago. the deficit had been topping $1 trillion every year cynic the recession ended four years ago. they credit the economic recovery, new tax rules and spending cuts with shrinking the deficit. we'll be right back. >>> welcome back to "hardball." may seem hard to believe that you're not experiencing deja vu here, but it happened again now, a military serviceman whose job it is to protect against sexual assault has excused...
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neil: deficits are tumbling the revenues are coming in. >> then the next thing you know the wags, you know --. neil: we don't have to cut. we don't have to cut. >> cbo says problem solved. this is what some blogger on "the washington post" said today believe the cbo forecast i have some swampland in florida. they suggest 40 years no recession or no economic dislocation we will create seven times more jobs in the next decade than we did over the next decade with wage and salary growth two times what has been. >> that $642 billion it is a lot less than it was in well under $1 trillion and we can remember a time when deficits were approaching $100 billion now we celebrate 642 billion but whatever that is. >> of course, $50 billion is a pavement a tax gimmick from fannie mae. where do they get the 60 million? they borrow it. neil: a lot of it is a tax increase. that part is there temporarily because with the fiscal cliff came at the end of the year there was a huge pre-emptive realization and bonuses were paid and 100 billion as one time revenue. neil: so you say with a focus on the lates
neil: deficits are tumbling the revenues are coming in. >> then the next thing you know the wags, you know --. neil: we don't have to cut. we don't have to cut. >> cbo says problem solved. this is what some blogger on "the washington post" said today believe the cbo forecast i have some swampland in florida. they suggest 40 years no recession or no economic dislocation we will create seven times more jobs in the next decade than we did over the next decade with wage and...
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well it was a string of republican and democratic decisions to not hit the full number on security deficits. this is outrageous and senator menendez says we know about benghazi? somebody will puke out there outrageous conduct. [laughter] >> no vomit here in washington d.c. tonight studio number four. lou: maybe you are tougher. >> we have been marinating longer but to your point* the president today was so careful with the artfully crafted all of his theaters were artfully crafted and careful not to blame funding for the attackkin benghazi but mentioning funding a rounded to create the inference. boxer was less careful and when you ask about the ira'she ? he did not answer the question so he was very legalistic. lou: this is moving from a crisis of confidence, it seems to me, directly to a constitutional crisis. this president has lost his credibility. it has been shredded. where are we headed? >> but his ability is to get things done and there is no appetite in washington to get anything done with scandal swirling around the president so beleaguered not he is labor it they and lame in the
well it was a string of republican and democratic decisions to not hit the full number on security deficits. this is outrageous and senator menendez says we know about benghazi? somebody will puke out there outrageous conduct. [laughter] >> no vomit here in washington d.c. tonight studio number four. lou: maybe you are tougher. >> we have been marinating longer but to your point* the president today was so careful with the artfully crafted all of his theaters were artfully crafted...
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the true issue with deficits. when you pad the course with too much weight it doesn't make the trip as efficiently. and i do understand everybody wants to ring the bell on smaller deficits. i'm in the club as well. we need to be be honest about it. obviously that's the main motivation. but there's another. we cosigned for all the losses. just hope it doesn't mean no reform. we need a free market in housing that isn't the government. nothing talks about free markets better than a really old book. wealth of nations 1776. hey, that was a really good year by the way. adam smith. what is the underlying premise of adam smith we can apply in ample helpings to a variety of issues in the day? that is who should best deal with the procurement? whether it's a natural resource like natural gas or whether the government should decide who gets loans or what what type of loans. no, no, no. it should be free market for free men. and as the wealth of nations pointed out. don't worry about natural gas. the government can't decide w
the true issue with deficits. when you pad the course with too much weight it doesn't make the trip as efficiently. and i do understand everybody wants to ring the bell on smaller deficits. i'm in the club as well. we need to be be honest about it. obviously that's the main motivation. but there's another. we cosigned for all the losses. just hope it doesn't mean no reform. we need a free market in housing that isn't the government. nothing talks about free markets better than a really old...
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understand how offshore tax loopholes raise their tax burden and how those loopholes add to the federal deficit and why those tax loopholes ought to be closed. the tax -- the -- excuse me, the cost-sharing agreement is kind of step one on the tax avoidance road. it is entered into with its irish affiliates. but the agreement is not about dividing costs even though it's called a cost-sharing agreement. since all of the signatories to that agreement work for apple and all of the costs are paid out of the same pocket, and if you need additional proof of the fact that the cost-sharing agreement, so called, is not an arm's length arrangement, look at the results. over the last four years, apple's offshore subsidiaries paid $5 billion in costs, received far, far more back than they paid. and apple on the other hand, itself, when paying a large amount relatively received a small amount back. about 2 1/2 times the profits were received by those irish subsidiaries and there they sit. and was obtained by -- >> all right. we've been listening to senator levin down on capitol hill details -- detailing the
understand how offshore tax loopholes raise their tax burden and how those loopholes add to the federal deficit and why those tax loopholes ought to be closed. the tax -- the -- excuse me, the cost-sharing agreement is kind of step one on the tax avoidance road. it is entered into with its irish affiliates. but the agreement is not about dividing costs even though it's called a cost-sharing agreement. since all of the signatories to that agreement work for apple and all of the costs are paid...
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because of growth and economy and also because of fannie mae paying back money from the government, the deficit over the next six months is shrinking massively. >> the fed is not reducing its purchase. here ate plan right now for what the fed is going to do. it's going to buy $270 billion in treasury over the next six months and 270 billion of mortgages. and this is demand the fixed income of $510 million. we'll show you supply here and take a look at the next chart. new supply, zoom in here, 142 billion of new supply and no new net mortgage, man a little from fannie mae or freddy mac. their 5 ten bell onof demand means there's going to be 368 billion of cash. if you could just zoom in on that number and that's the number that taper says is going to be money looking for a hope in the market these days. the result is a lot of money having no place to go, but perhaps the stocks, and the fed will be dropping down further. the next screen is the equity risk premium. this is the measure over the risk-free treasury rate. you can see it's already at a historic high now according to tepper's math, this
because of growth and economy and also because of fannie mae paying back money from the government, the deficit over the next six months is shrinking massively. >> the fed is not reducing its purchase. here ate plan right now for what the fed is going to do. it's going to buy $270 billion in treasury over the next six months and 270 billion of mortgages. and this is demand the fixed income of $510 million. we'll show you supply here and take a look at the next chart. new supply, zoom in...
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our deficit is dropping. it is dropping to a very manageable level. again, that is a really manageable good level. connell: you are ready to argue that point. >> by 2017, the deficits will start going up again. they often say that there is no balance in this budget. the president has said again and again that spending cuts will equal out to tax hikes. the president that he will only raise taxes by 580 billion. the cbo says this budget raises them by $1.1 trillion. connell: we should pat ourselves on the back to even have the focus to have this conversation. we cannot get beyond, not only the scandal of the day, but the scandals of the day. i know we did one segment on it today, but they have been few and far between. >> there is no question. this has been a terrible week for the white house. we have really good economic news in a lot of ways. we are actually ssending less on obamacare than we originally thought. there is lots of good news and it. >> i do not think $59 billion is a big success story to talk about. when the president goes out there and
our deficit is dropping. it is dropping to a very manageable level. again, that is a really manageable good level. connell: you are ready to argue that point. >> by 2017, the deficits will start going up again. they often say that there is no balance in this budget. the president has said again and again that spending cuts will equal out to tax hikes. the president that he will only raise taxes by 580 billion. the cbo says this budget raises them by $1.1 trillion. connell: we should pat...
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and the amazing shrinking american budget deficit. i'll ask mitt romney's chief economic adviser whether he thinks the problem has gone away. >>> also, as america prepares to draw down from afghanistan, what can it learn from britain's withdrawal 170 years ago? i'll ask theauthor of a great new book. >>> next, a look into the crystal ball of technology with google's executive chairman eric schmit. a sure fire plan to reduce carbon dioxide emissions. how so? stay tuned. >>> first, here is my take. conservatives are, of course, mad at barack obama. we'll talk about the various scandals in a moment, but they're also mad at a country that isn't mad enough at him. this frustration is now taking over main stream and intelligent voices within the conservative movement and about broader issues than benghazi. brett stevens, the columnist for "wall street journal" lementes that president obama is not paying a price for a foreign policy that he, stevens, describes as isolationist. now, isolationism will come as a surprise to the diplomat soldier
and the amazing shrinking american budget deficit. i'll ask mitt romney's chief economic adviser whether he thinks the problem has gone away. >>> also, as america prepares to draw down from afghanistan, what can it learn from britain's withdrawal 170 years ago? i'll ask theauthor of a great new book. >>> next, a look into the crystal ball of technology with google's executive chairman eric schmit. a sure fire plan to reduce carbon dioxide emissions. how so? stay tuned....
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May 15, 2013
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the deficit is getting smaller. a lot smaller. the congressional budget office says it will be $400 million less than the trillion dollars deficit last year. it's down because of higher taxes. a 60 billion check to the government from fannie and freddie. there's a down side for those of us who want the government to get its finances in order, this takes the wind out of the sails of the spending, cutting movement. maybe the deficit news helped stocks, another record close for the dow, 19th this year and same story for the s&p 500, the 14th he record there this year. we're looking at a flat to slightly lower opening today, but that happened yesterday and we still went up 120 by the close. stay tuned. and suddenly, it seems that president obama's second term agenda is unravelling. and the mainstream media have turned on the administration. big government seriously questioned, my, have times have changed. in just ten days. here is the the all-government, all the time president speaking the at ohio state may the 5th. >> unfortunately,
the deficit is getting smaller. a lot smaller. the congressional budget office says it will be $400 million less than the trillion dollars deficit last year. it's down because of higher taxes. a 60 billion check to the government from fannie and freddie. there's a down side for those of us who want the government to get its finances in order, this takes the wind out of the sails of the spending, cutting movement. maybe the deficit news helped stocks, another record close for the dow, 19th this...
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May 15, 2013
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deficit is shrinking more quickly than previously thought. the nonpartisan budget watchdog says revenue growth will out-pace spending over the next two years. the cbo is slashing its deficit forecast for fiscal 2014 to $642 billion. it's the smallest shortfall since 2008. they're citing rising personal income tax revenues and higher dividend payments by the likes of fannie mae and freddie mac. dan, how important is their assessment? >> well, it's very important for treasury yields. in the first part of the year, we had them go above 2% as economic growth looked strong, a bit down, but now we're moving in that direction again. but what may be a limit on them is exactly this -- the treasury isn't going to be issuing as much debt because the budget deficit's falling. the fed in the meantime is still buying a lot of treasuries, so you're starting to run into a demand and supply imbalance, where there's maybe not quite enough debt out there, if you will. we talk about having too much debt. maybe we don't have enough, and that will probably keep a
deficit is shrinking more quickly than previously thought. the nonpartisan budget watchdog says revenue growth will out-pace spending over the next two years. the cbo is slashing its deficit forecast for fiscal 2014 to $642 billion. it's the smallest shortfall since 2008. they're citing rising personal income tax revenues and higher dividend payments by the likes of fannie mae and freddie mac. dan, how important is their assessment? >> well, it's very important for treasury yields. in the...
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May 14, 2013
05/13
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now we only have a deficit less than 100 the next six months. the net issuance versus refunding is a little over 100. that means we have 400 billion, 400 billion that has to be made up. so basically think about this. that's being taken out of the market, out of the bond market. 400 billion is now in your hands, my hands and other folks's hands. and there's a few choices. it either has to go in the economy, which, you know it probably will go somewhat in the economy. it has to go to the short end of the curve trade better. we have this excess. or it has to make stocks trade higher. now, the problem is you might be worried some of that might go into the economy and, you know it might stimulate with a little bit of surge. basically, afterwards, we also have to cut back because the deficits in the future will be less than this trillion dollars. so if we don't taper back we will get into this hyper drive market. it's backwards. the fed has to taper back. because if you look at the numbers, it's so tremendous, these numbers are so tremendous that you
now we only have a deficit less than 100 the next six months. the net issuance versus refunding is a little over 100. that means we have 400 billion, 400 billion that has to be made up. so basically think about this. that's being taken out of the market, out of the bond market. 400 billion is now in your hands, my hands and other folks's hands. and there's a few choices. it either has to go in the economy, which, you know it probably will go somewhat in the economy. it has to go to the short...
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May 14, 2013
05/13
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immigration reform, budget deficit deal, another attempt at gun control. up in of that has been talk about since last week and all but a handful of questions today were about the app and the irs subjecting tea party groups to scrutiny. the president says if the irs officials acted inappropriately, they should be held ant credible. and on the phone records, he says mr. bober bober believes reporters should have unfettered access even as the government protects its secrets. >> believe it's possible to strike that balance and at the same time subpoena the phone records? >> i can't comment on the specific reports you cite. i can say the president does believe that the balance should be sought and can be found but it is a balance and, therefore, something that we need to constantly work at. >> the obama administration has launched six prosecutions for leaking classified information, which is more than all previous presidents come bind, shepard. >> shepard: on benghazi some observed that jay carney seems to not believe any of the questions about that are still l
immigration reform, budget deficit deal, another attempt at gun control. up in of that has been talk about since last week and all but a handful of questions today were about the app and the irs subjecting tea party groups to scrutiny. the president says if the irs officials acted inappropriately, they should be held ant credible. and on the phone records, he says mr. bober bober believes reporters should have unfettered access even as the government protects its secrets. >> believe it's...
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May 18, 2013
05/13
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i think the chance of another down grade is remote because of the spectacular progress on the deficit. here is the interesting angle to me. it is not that obama's agenda is in at that time in tatteres is, it was months ago. i think what may has been, the things he doesn't want may get shoved down his throat, keystone pipeline and maybe another sequester n november he may have to accept sequester for 2014. >> slowly healing jobs market and plunging deficit mean there is a lot of other things, scandal things talking about in washington. if we were talking about those things, i can assure you democrats would be talking about the other two. thanks, guys. >> coming up. u 8 >>> partisanship and the inability of our elected leaders to put our prosperity ahead of politics paralyzed washington and that paralysis brought us debt debacles, sequesters, fiscal cliffs and it has gotten so bad olympia snow decided last year she could serve no more. she has a new book fighting for common ground, a memoir of her career. when i sat down with her i asked her point-blank what is wrong with these people i
i think the chance of another down grade is remote because of the spectacular progress on the deficit. here is the interesting angle to me. it is not that obama's agenda is in at that time in tatteres is, it was months ago. i think what may has been, the things he doesn't want may get shoved down his throat, keystone pipeline and maybe another sequester n november he may have to accept sequester for 2014. >> slowly healing jobs market and plunging deficit mean there is a lot of other...
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May 18, 2013
05/13
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we reduce the deficits. >> spending is out of control. >> the tremendous deficits. >> debts out of control. it is kicking the can down the road an frankly we're out of road. >> really? the best part of this story is how progressive policies took the air out of the deficit. that's been going since george w. bush took office. now republican cuts from sequestration and the fiscal cliff deal did not reduce the deficit. they weren't even part of the calculations. here's what did help slink the deficits. tax heights on the wealthy americans an obama care. joining us with the rapid response are my guests. great to have you all with us. mike, why aren't the republicans talking about the deficit anymore? >> well it's bad news. look this is terrible news, ed. the only way to analyze the deficit to look at the ratio. u's called the gdp to debt ratio. obama came in with the 10% to debt to gdp ratio. he has it down to 4%. they sate's going to down to 2%. those are not great talking points for republicans. >> david does the massive deficit debt reduction hurt job growth. >> we would be much better off i
we reduce the deficits. >> spending is out of control. >> the tremendous deficits. >> debts out of control. it is kicking the can down the road an frankly we're out of road. >> really? the best part of this story is how progressive policies took the air out of the deficit. that's been going since george w. bush took office. now republican cuts from sequestration and the fiscal cliff deal did not reduce the deficit. they weren't even part of the calculations. here's what...
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May 17, 2013
05/13
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then you have hdrd, housing, energy, recovery of manufacturing, and "d" is that deficit reduction down by 30%. those things, maria, confer the lift of the market. but it gets ahead of itself -- >> let me ask you one question here. this is something that i just asked brady dougan, the ceo of credit suisse. and that is that 30% of the accounts in the private bank and a lot of private banks, by the way, 30% of accounts are sitting on cash. they are just unwilling to put their money to work in stocks. what do you think that tells us? does that tell us that people are more cautious thanç they er have been or does that tell us that this has whole, huge amount of potential, 30% of accounts, that they will ultimately put their money in stocks and chase this market? >> maria, we would see the glass as half full by that number, and it's very consistent with what brady dougan of credit suisse told you with our numbers at morgan stanley, where, basically, their cash balances are very, very high. the equity balances, for everybody, all combined in the united states, 34% of the portfolios are in e
then you have hdrd, housing, energy, recovery of manufacturing, and "d" is that deficit reduction down by 30%. those things, maria, confer the lift of the market. but it gets ahead of itself -- >> let me ask you one question here. this is something that i just asked brady dougan, the ceo of credit suisse. and that is that 30% of the accounts in the private bank and a lot of private banks, by the way, 30% of accounts are sitting on cash. they are just unwilling to put their money...
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May 16, 2013
05/13
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deficit hogs. after so many complaints that president obama is leading us down this dark well of never ending debt, a well that george w. push dug, the debt is stranging faster than anybody expected. the shortfall projection is 25% lower than they said it will be a few months ago and it's supposed to keep on dropping. by 2015 the deficit should total 2% over the total gross domestic product. and when president bush held office it was just over 10%. it deflates under democrats. grew under bush, dropped under clinton, grew under bush. how weather is the reaction to this? john boehner said nothing. and others say it's a report of out of scroll spending even though it's the opposite. and the g.o.p. will get together to vote to repeal obama-care for the 37th time. let's go to pat in world world news. >> thank you for having me. >> john: we did work with this president. we did help to bring the deficit down together, our policies are working. have you heard any reaction from "b" this? has this humbled an
deficit hogs. after so many complaints that president obama is leading us down this dark well of never ending debt, a well that george w. push dug, the debt is stranging faster than anybody expected. the shortfall projection is 25% lower than they said it will be a few months ago and it's supposed to keep on dropping. by 2015 the deficit should total 2% over the total gross domestic product. and when president bush held office it was just over 10%. it deflates under democrats. grew under bush,...
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May 14, 2013
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a growing deficit plus those unfunded pensions. where will the money come from to save this city? they need it fast. a frequent guest on this program. thank you very much for coming back to us. where is the money coming from? they will have to have money within the next few weeks. >> you may be talking to the wrong guy. i am sure plenty of people are in line for a haircut all around. i wanted to talk to about why detroit and other cities are failing. stuart: you have to have an opinion on this. >> my opinion is that detroit defined michigan. stuart: there are only two choices here. they have to have money or they just totally shut down. everything shuts down totally. there is only two choices. >> i think that the governor has to step up. i think that this city has to be committed to a long-term plan. stuart: are you prepared to see money from your city go to detroit? >> no. we cannot afford it. again, i think a lot of folks are in line for a haircut. i think it will have to be shared sacrifice. our cities are failing by design. we have many cities that are headed towards bankruptc
a growing deficit plus those unfunded pensions. where will the money come from to save this city? they need it fast. a frequent guest on this program. thank you very much for coming back to us. where is the money coming from? they will have to have money within the next few weeks. >> you may be talking to the wrong guy. i am sure plenty of people are in line for a haircut all around. i wanted to talk to about why detroit and other cities are failing. stuart: you have to have an opinion on...
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May 17, 2013
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the deficit is coming down? >> i think it's great the deficit is coming down, government taxation melton freedman said, it's true, you can't spend yourself into prosperity. if you look at government spending as a share of gdp. it tracks growth almost exactly. having the deficit come down is wonderful news. >> all right. so if people are saying this fiscal restraint is like 1936-1937, all right, where we had a recession inside a depression. yeah, i think that's a lot of gar back. i'll tell you why, i want to hear you first. >> well, the taxes went up through the great depression. the way the world works, it outlines it exactly, all these people in the great depression have missed the tax variable totally. bernanke, even milton freedman missed it in the freedom of the united states. it's taxes that really caused the economy to slow down and cutting taxes in aggregate is cutting government spending. government doesn't create resource, larry, it redistributes them. every dollar they spend for one person, they take a
the deficit is coming down? >> i think it's great the deficit is coming down, government taxation melton freedman said, it's true, you can't spend yourself into prosperity. if you look at government spending as a share of gdp. it tracks growth almost exactly. having the deficit come down is wonderful news. >> all right. so if people are saying this fiscal restraint is like 1936-1937, all right, where we had a recession inside a depression. yeah, i think that's a lot of gar back....
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May 15, 2013
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in this fiscal year, $200 billion lower the deficit's going to be than a couple of months ago and by 2015, we'll be talking about deficits in the realm of $300 billion and in the face of this, with millions of people still unemployed, with the unemployment rates up over 7%, we're not doing more to get people back to work. and we're still focused on deficit reduction when we see that even projecting out over several years, it's even a conservative economist, no one would argue these levels of debt that we're seeing in 2015 now are not at a sustainable level. >> is there a way for the obama administration to try to steal some of the attention away from the irs, benghazi? benghazi's not as topical because of what's coming forward about the irs. >> i wish the case for the sort of deficit hawk hysteria had anything to do with facts. we just saw one of the major papers that was brought up at a rationale for his obsession for cutting the deficit and the debt. we saw that disproved. so unfortunately, this has always been about a radical agenda. today, this afternoon, house republicans are go
in this fiscal year, $200 billion lower the deficit's going to be than a couple of months ago and by 2015, we'll be talking about deficits in the realm of $300 billion and in the face of this, with millions of people still unemployed, with the unemployment rates up over 7%, we're not doing more to get people back to work. and we're still focused on deficit reduction when we see that even projecting out over several years, it's even a conservative economist, no one would argue these levels of...
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May 20, 2013
05/13
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but the ceo's report find just about 1 trillion in deficit reduction and deficits rise again after 2017 and obama promised $1.2 trillion in spending cuts the ceo review finds just $172 billion and the president promised to balance budget approach, a balanced approach to the budget. but guess what? the review finds that tax hikes outweighs spending cuts by nearly 6-1. that is not balanced. however, joining us on set tonight, business insider's ceo and editor-in-chief henry blojit and henry kukis. >> i think one point i would make is the only way we are going to close the gap is by raising taxes and reducing long-term spending. >> where do you want to raise the taxes? >> i think you can raise lots of tax, the wellthy can go up, generally. >> northern more than we had, we just got $600 billion. >> if you look at a gdp basis, spending is at 22%. we have been at about 20 for both. we fwt to converge on that number if we want to balance the number. >> what's your take? >> i'm not sure what bothers me more the fact that the president's numbers didn't quite add up or the fact that he has a budg
but the ceo's report find just about 1 trillion in deficit reduction and deficits rise again after 2017 and obama promised $1.2 trillion in spending cuts the ceo review finds just $172 billion and the president promised to balance budget approach, a balanced approach to the budget. but guess what? the review finds that tax hikes outweighs spending cuts by nearly 6-1. that is not balanced. however, joining us on set tonight, business insider's ceo and editor-in-chief henry blojit and henry...
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ok so according the most recent seaview analysis our deficit is shrinking fast we really don't have a deficit problem it's fallen by six hundred billion dollars a lot of it thanks to obamacare which brought health care costs lower by forty nine billion dollars new york times has a new analysis out now all this this report about the deficit comes as austerity is being pushed more and more by conservatives and even some democrats new york times analysis found that analysis found that quote the nation's unemployment rate would probably be nearly a point lower roughly six point five percent had washington not cut spending or raise taxes as it has since two thousand and eleven and here's a graphic coming up showing the comparison between unemployment rates with and without us austerity right there. so why isn't it time to pull back from the austerity here. in the first way we start with that is to redefine your misuse of the term now you just read the quote and it said two things they cut spending and raise taxes the tax hikes were significant and they were real the cuts were nominal when
ok so according the most recent seaview analysis our deficit is shrinking fast we really don't have a deficit problem it's fallen by six hundred billion dollars a lot of it thanks to obamacare which brought health care costs lower by forty nine billion dollars new york times has a new analysis out now all this this report about the deficit comes as austerity is being pushed more and more by conservatives and even some democrats new york times analysis found that analysis found that quote the...
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May 15, 2013
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let's not put immigration and let's not put deficit reduction on the back burner. >> the deficit will be down 2.1% of gdp by 2015 which is well within the range that economists think it should be. the hatred of the president, and chris is right about this. much of it is rooted in race i. it is so intense that there is no interest in dealing with these other issues. also, republicans are deeply divided on everything except trying to repeal the affordable care act which isn't going to happen. so they'll focus on the scandals. a way for boehner, for mccould not to appease the tea party. and i think you asked a smart question. i think this could come back and bite the republicans politically. look back to 1998 when there was an intense effort to impeach president clinton. the democrats went out there in the mid-term and said, impeachment, scandals, it is all they're talking about. we ought to be talking about education, social security, the environment which were the real issues at that time. and the republicans got spanked badly in that mid-term election. the democrats defied history and
let's not put immigration and let's not put deficit reduction on the back burner. >> the deficit will be down 2.1% of gdp by 2015 which is well within the range that economists think it should be. the hatred of the president, and chris is right about this. much of it is rooted in race i. it is so intense that there is no interest in dealing with these other issues. also, republicans are deeply divided on everything except trying to repeal the affordable care act which isn't going to...
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May 16, 2013
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, the trade deficit shrinking this past week we $200 million, all of that hurt gold. so that's a good sell-off for gold. but for the longer term, i think that will change. >> yeah, i've made a list here, and george mentions the dollar, one of the things on my list for all the negatives for gold. you've got momentum on the wrong side, right? four-week low. technicals on the wrong side, below 1,400. the stock market rally, which is negative for gold. you have some big money getting out. and then you have, while physical demand is picking up all around the world, it's not enough to offset some of the investment dumping in etfs pensions, and other things that are going on. finally a positive. >> you hit the nail on the head. the trend right now is your friend. you have a stronger dollar, a stronger economy across the world. the trade on right now is buy the s&ps, buy the nikkei, buy the dax, buy everything, sell gold. that is the rotation that people are moving into, especially funds. and until that trade gets unwound, that's the trade on. i think if we see the s&ps fall
, the trade deficit shrinking this past week we $200 million, all of that hurt gold. so that's a good sell-off for gold. but for the longer term, i think that will change. >> yeah, i've made a list here, and george mentions the dollar, one of the things on my list for all the negatives for gold. you've got momentum on the wrong side, right? four-week low. technicals on the wrong side, below 1,400. the stock market rally, which is negative for gold. you have some big money getting out. and...
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May 17, 2013
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but the gop deficit hawks apparently didn't care about that story. beaten at the ballot box, the republican party is unified around one thing. the hunt for scandal. that's so sad. and so is their once proud party. joining me now is congressman joe crowley, democrat from new york and member of the ways and means committee. host of melissa harris-perry, thank you for coming on tonight. >> hi. >> is the congress more discussed and somehow link anything -- >> right. >> an accident on the street, an aunt gets crushed and it was really sad today, sitting in the committee we all were anticipating, working in the bipartisan way. what happened was outrageous. all of us are outraged about anything done improperly by the irs, by the justice department. but i think you made the point that we've all been trying to show how you came into the hearing and hysteria. listen to all of this. >> the president has been very forthright and i would really ask the questions, get the facts, and then we can draw our own conclusions. >> i mean, the fact that they are trying to
but the gop deficit hawks apparently didn't care about that story. beaten at the ballot box, the republican party is unified around one thing. the hunt for scandal. that's so sad. and so is their once proud party. joining me now is congressman joe crowley, democrat from new york and member of the ways and means committee. host of melissa harris-perry, thank you for coming on tonight. >> hi. >> is the congress more discussed and somehow link anything -- >> right. >> an...
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May 13, 2013
05/13
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the deficit matters. if you have over 200% debt to gd ratio you have finance it domesticly. if you have foreigners buying your currency it matters. prirnt money like crazy, this can not have a good ending. cyprus when that blew up it was, a big deal. but japan is of course much bigger deal. we've always argue we never had a eurozone crisis. that is good news. bad news we have a global crisis that might focus on the japan or the u.k.. lori: what should that basket of currencies look like for the best investment? >> there is no safe haven as i indicated. you have to spread your eggs. one the cure return sis more than many others do is the euro priest sigh list because everybody else hates it. they're mopping up liquidity where everyone else is printing money. they have a lot of pain. the reason they have pain is they're not print enough money. i'm not saying buy equities but the currency can be stronger. ultimately you have to have a basket. can't put money one egg, be it australian dollar or the looun any or whatever it may be. lori: axel merk. thanks for coming in. melissa:
the deficit matters. if you have over 200% debt to gd ratio you have finance it domesticly. if you have foreigners buying your currency it matters. prirnt money like crazy, this can not have a good ending. cyprus when that blew up it was, a big deal. but japan is of course much bigger deal. we've always argue we never had a eurozone crisis. that is good news. bad news we have a global crisis that might focus on the japan or the u.k.. lori: what should that basket of currencies look like for the...
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May 19, 2013
05/13
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overall, the economy grew 2.5% in the first three months of the year, but the deficit is dropping. plunged 32% in the first half of the fiscal year. housing is improving. prices are rising in most areas. consumer confidence, we learned late this week, lm at a six-year high. stocks, i don't have to tell you. most of the people in washington have a 401(k), so they're very well aware what is happening in the stock market. here is my question, ron, i want ron to answer this. here you've got republicans who can be focusing on other things and not the things going in the president's direction. >> right, you know, absolutely. it gives them an opportunity to kind of take the political offensive, and as i said, to mobilize their base. but there is an opportunity. there is a desire on the public to see things get done, particularly on the deficit, the debt, economic growth. those kind of issues. to the extent they're seeing us focus solely on this, there is cost. and politically, you know, your numbers, it's kind of a fascinating subcurrent which is that the grubs at the core of this new oba
overall, the economy grew 2.5% in the first three months of the year, but the deficit is dropping. plunged 32% in the first half of the fiscal year. housing is improving. prices are rising in most areas. consumer confidence, we learned late this week, lm at a six-year high. stocks, i don't have to tell you. most of the people in washington have a 401(k), so they're very well aware what is happening in the stock market. here is my question, ron, i want ron to answer this. here you've got...